Harworth makes progress at AMP and Waverley

Brownfield regeneration and property investment specialist Harworth Group signed a conditional 20-year lease with McLaren Automotive on a new 75,000 square foot bespoke unit at the Advanced Manufacturing Park, it announced on Wednesday.

The London-listed firm said it would be responsible for the design and build of the unit.

In a separate transaction, Harworth said it has also signed a 15-year lease with an unnamed “advanced manufacturer” for a new 11,044 square foot unit at the Advanced Manufacturing Park.

The company also announced that it sold 8.17 acres to Taylor Wimpey to build a further 130 homes on its Waverley development, which the board said supported its strategy of balancing sales with infrastructure funding.

“This announcement continues to demonstrate the fundamental strength of our regional residential and commercial markets,” said chief executive Owen Michaelson.

“We are delighted to welcome McLaren to the AMP and to be able to support them in their ongoing growth.

“The two announced lease agreements serve as further examples of how we are improving the quality of our income base as we continue to deliver NAV growth across the portfolio.”

Michaelson said the company was “maintaining development momentum” at the AMP and demand for new units remained high, with the McLaren deal reportedly demonstrating how the Harworth offering had evolved to incorporate the design and build of specialist purpose built units on behalf of blue-chip occupiers.

“The sale of residential plots to Taylor Wimpey marks our ninth sale of engineered housing land on Waverley.

“This will add to the 650 homes that have already built and occupied on the site since 2012, reflecting good demand for our engineered brownfield land from housebuilders.”